Condo or a Single Family Home?

By Sergio Lucena 

If you're thinking about making a move, are you considering buying a condominium or a single-family home?

The number of condominium owners has risen dramatically in the last few years. Condos are a popular option because they are often more affordable, require fewer maintenance and landscaping chores, suit busy lifestyles, and serve well as a first home or downsizing from a larger house. Here are some differences to consider:

Condos

• There are usually fewer maintenance requirements.
• They can be less expensive than a single-family home.
• You own the space between the walls.
• There may be more security with neighbors close by.
• The exterior of the building, landscaping, surrounding roads, driveways and
  common areas are owned by the condo association, a group made up of all
  unit owners.
• Special assessments by the association for painting or repairs can add
  significant expense.

Single-Family Homes

• They usually offer more storage space.
• You own the interior as well as the exterior.
• You have to do the maintenance, landscaping and repairs.
• Unless you live in a gated community, you don't have condo association dues.
• You don't have to worry about special assessments.
• You have room to grow plants, flowers, trees, veggies, etc.

Look at your lifestyle and consider how your household may change over the next few years. Will you have enough space in a condo? Or will you be happier in a house with room for a garden?